Bankruptcy

Our leading bankruptcy practice is focused on insolvency proceedings against Bulgarian companies, including assets disposition and on-going business of insolvent companies. This practice is closely related to the Commercial, Property and Litigation Practices, as far as the success in this area requires complex knowledge and practical experience in combination.

We assist our clients in the enforcement of their rights against insolvent entities, and in structuring their claims in the most effective and safe manner. Our services in this area include:

establishment of effective security of claims

enforcement of security and other rights against borrowers

pre-bankruptcy negotiations and rescheduling of debt

initiation of bankruptcy proceedings

all aspects of litigation by or against the insolvent entity

representation of creditors in bankruptcy proceedings including representation at Creditors' Meetings and Committees

preparation of recovery plans

arrangements with creditors, property issues and bankruptcy problems on the financial markets

debt-for-equity swaps, debt-for-debt swaps and similar

assistance in the implementation of liquidation plans including the purchase (sale) of the on-going business and/or assets of the insolvent entity

collection and repatriation of proceeds from the liquidation of the bankruptcy estate

advising directors on their duties in relation to possible bankruptcy

Relevant Experience

We have helped many of our clients to maximize the recovery of debts from their customers in bankruptcy. The bankruptcy practice has recently advised and represented:

a traditional Austrian commodities trader in the bankruptcy proceedings of several large heavy-industry enterprises in Bulgaria

a multinational petrol corporation in the bankruptcy proceedings of Bulgarian gas and petrol clients

a major German tour operator in the bankruptcy proceedings of Bulgarian hotel owners

an Austrian paper trader in the bankruptcy proceedings of a leading Bulgarian printer

an Austrian leasing company in the restructuring of debt of a bankrupt client

a multinational printing solutions manufacturer based in Germany by providing advice on the consequences of bankruptcy of the economic group to its Bulgarian subsidiary

a major Austrian laminated flooring producer in the bankruptcy proceedings of 2 Bulgarian clients

an European chemicals producer based in Germany in the insolvency proceedings of a Bulgarian client